October 2013 Rental Market in Nova Scotia

HALIFAX, NOVA SCOTIA--(Marketwired - Dec. 12, 2013) - The rental apartment vacancy rate¹ in Nova Scotia's urban centres² was 3.7 per cent in October, 2013, up from 3.4 per cent in October, 2012 according to the Fall Rental Market Survey released today by Canada Mortgage and Housing Corporation.

"A number of factors impacted the rental market in Nova Scotia in 2013. In Halifax, increased supply more than offset incremental demand and pushed the vacancy rate up to 3.2 per cent this year," said Tim Andrews, CMHC's Market Analyst in Halifax. "In other parts of the province, weakening levels of employment combined with net-out migration to reduce demand for rental units and increase vacancies," added Andrews.

On the basis of a sample of structures common to both the 2012 and 2013 surveys³, the average two-bedroom rent increased by 1.1 per cent in Nova Scotia.

Most urban centres registered higher or relatively unchanged vacancy rates. The lowest vacancy rates were in Kings Subd. A and Halifax.

Rental Market data is also available in English and French at the following link: Fall Rental Market Report

As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.

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¹The survey is based on privately-initiated rental apartment structures of three or more units.

²Urban centres defined as centres with a population of 10,000 or more.

³Year-over-year comparisons of average rents can be slightly misleading because rents in newly built structures tend to be higher than in existing buildings. Excluding new structures and focusing on structures existing in both the October 2012 and October 2013 surveys provides a better indication of actual rent increases paid by tenants.

A table is available at the following address: http://media3.marketwire.com/docs/917263e.pdf

Additional data is available upon request.

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